![]() ![]() ![]() The payment method doesn’t only transact using the physical card. It now operates under the same banner as Skrill and Neteller, so customers can be sure of the kind of service to expect. ![]() Launched in 2000, the payment service is part of the Paysafe Group, one of the biggest online payment companies in the world. This payment approach means that customers can keep their financial information private, which is always a concern when transacting on e-commerce and other online sites. You only have to buy your card and provide the PIN on the cashier’s page. With payment option, users can send money to merchants, individuals and online businesses without requiring a bank account or even an email. This company is the pioneer of online vouchers. Prepaid cards catered to online customers but offered a bit more privacy than wallets. Only if they want to quit using Skrill, they need to inform Skrill so that they will no longer be able to transfer funds using Skrill or the Skrill Card.As the demand for online payments grew dramatically, it was necessary to create solutions that offered something different. Basically, they will be able to use Skrill as before. Merchants can continue using Skrill after receiving the above-mentioned Notification Letter, the company will assume that they agree to the restructuring of terms and the subsequent transfer to the new entity. No Paysafe Brexit Changes for Merchants and Users Skrill will provide detailed information about this process later on. Payments which have been made using alternative payment methods via the gateway will either credited to European Economic Area e-money accounts or non-EEA e-money accounts, depending on the payment method. Skrill will transfer card payments through the gateway to the European Economic Area e-money accounts. Users of the Skrill Checkout Merchants gateway service will still receive payments from their customers as before. The Paysafe Group is going to let their merchants know when they will transfer their EEA business to PPSL through the “Notification Letter”. It is still uncertain when the Brexit is actually going to take place and whether or not there is going to be a transition period before that. Skrill will transfer the contract for European Economic Area business to Paysafe Payment Solutions Limited.Paysafe will create a new contract between merchants and Skrill Limited for European Economic Area business.Existing contracts will continue to remain on the same terms for the UK and non-European Economic Area business.A new contract with the same terms as existing ones with PPSL for EEA business.No new technical integration with PPSL necessary.Merchants will continue receiving the same services as today.The UK and other non-EEA business will remain part of the Skrill Limited. From now on, the new PPSL will take care of the EEA business. In order to make this transfer happen, Skrill is going to split its business by region. It is expected to be announced at their “Paysafe Insights” blog very soon once the Brexit will be confirmed. “ Paysafe Payment Solutions Limited” (PPSL) is authorized and regulated as an electronic money institution by the Irish financial services regulator, the Central Bank of Ireland. If Brexit takes place, the company will transfer its EEA business to a newly incorporated group company based in Ireland. Paysafe is preparing their plans for the Brexit. ![]()
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